UK Chancellor’s Budget Statement answers BIA’s calls on both SME access to R&D tax credits

18 March 2015

The UK BioIndustry Association (BIA) welcomes statements made in today’s Budget announced by UK Chancellor of the Exchequer George Osborne, supporting previous BIA calls for change in respect of small and medium-sized enterprises (SME) access to R&D tax credits as well as the operation of tax-advantaged venture capital schemes.

Following the BIA’s submission to a recent HM Revenue and Customs (HMRC) consultation calling for an extended advance assurance scheme for SMEs, the Chancellor has today announced that government will introduce voluntary advance assurances lasting three years for smaller businesses making a first claim from autumn 2015 and reduce the time taken to process a claim from 2016. There will also be new standalone guidance aimed specifically at smaller companies.

The government also announced, in respect of the Seed Enterprise Investment Scheme (SEIS), Enterprise Investment Scheme (EIS), and Venture Capital Trusts (VCTs), that it will:

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